Company
LON:TRX
Tissue Regenix Group PLC is a pioneering, international medical technology company, focusing on the development of regenerative products utilising its two platform technologies, dCELL, addressing soft tissue needs, and BioRinse, providing sterile bone allografts. The company is currently helping to transform the treatment of patients in key surgical applications: biosurgery, orthopaedics (sports medicine/spine), dental, general, plastic surgery, urology/gynaecology, ophthalmology and cardiac.
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Alongside these appointments, the group noted that, after many years of service, Alan Miller and Randeep Grewal have notified the board of their resignation as non-executive directors with immediate effect
The delivery of initial orders for OrthoPure XT comes less than six months after regulatory sign-off and in the face of some stiff headwinds
Danny Lee has been appointed to the board of the regenerative medical devices company “with immediate effect”
The regenerative medicine group also highlighted strong demand for its products in the first half of its current year despite disruption from the coronavirus pandemic
It is expected that demand for this product line will increase in 2021 as additional distribution opportunities are identified
The company is making the short journey from Swillington to Garforth in Leeds
The increase in manufacturing capacity is needed to meet the burgeoning demand for the group's products, especially the BioRinse orthopaedic product portfolio
The regenerative medicine specialist also saw its operating loss narrow to £7.2mln from £8.69mln in the prior year
The regenerative medicine firm said the CE mark permits the use of OrthoPure XT for the reconstruction of knee ligaments, including multi-ligament procedures following trauma
“Not only do we expect this investment to provide the capacity required to scale our business and drive our commercial success, it will also increase the number of patients who can benefit from our broadened product portfolio" said Gareth J
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A look at some of the major movers in London on Monday
Tissue Regenix said it expects the newly developed product line will make a material contribution to its revenue growth over the next couple of years.
It has been given a further US$417,000 loan from the US government as part of the coronavirus support scheme
The firm also reported that revenues for its first quarter have increased 18% year-on-year
Investors were told the regenerative medicines specialist hopes to tie a deal up in the "near future"
John Samuel is stepping down after 12 years with the company
Any associated costs of the system restoration are unlikely to be material to short-term cash flow
The incident is not believed to have impacted its UK operations or financial systems.
The regenerative medicines specialist said it has £2.4mln of cash, including a £1mln revolving credit facility. This, it added, was enough to see it through to “at least the end of April”
Kirsten Lund has been promoted to finance director for her "invaluable" knowledge and understanding of the business, after nine years at the firm
